RBI issues guidelines for voluntary surrender of license by payment system operators

Q.  RBI has issued guidelines for voluntary surrender of license by PSOs under the PSS Act. What does the latter stand for?
- Published on 13 May 16

a. Payment Settlement Systems Act
b. Payment and Settlement Systems Act
c. Payment Act
d. Settlement System Act

ANSWER: Payment and Settlement Systems Act
 
RBI issued a guideline for voluntary surrender of license by payment system operators under the Payments & Settlements Systems Act. As per the PSS Act 2007, RBI must authorities the PSO to operator or commence a payment system in the country.
  • RBI also said the option of voluntary surrender of Certificate of Authorisation is only available to entities not commencing payment system operations or discontinuing these operations
  • Those entities which have not commenced operations, relevant documents have to be submitted to RIBI
  • Guidelines for voluntary surrender of COA is applicable to Payment System Operators, PPI Issuers, MTS Overseas Principal.

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